Here’s some important information to remember about late payments.
Just 1 new late payment can initially lower your credit scores anywhere from 50 to 100 points. This is why it is critical to establish a monthly budget and pay your bills on time. Multiple late payments will continue to keep the scores suppressed. Payment History contributes 35% toward the credit score. This is the most of any key factor.
Late payments can report for up to 7 years from the date of the delinquency. However, it is possible that they can be removed sooner by challenging them with the credit reporting agencies. The chance of late payment removal does increase when it comes to accounts that are closed. Please note that we are not advising you to close any accounts.
If you currently have any accounts reporting past due, we suggest paying them as soon as possible to bring them current and in good standing.
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